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The Lottery Curse: 10 Winners Who Lost Millions
The Richest ^ | Jan 24, 2014 | D'Marco Brown

Posted on 01/26/2014 10:17:02 AM PST by Innovative

Have you ever wondered why millions of Americans are secretly addicted to playing the lottery? Even if the chances of anyone actually winning are 1 in 175,223,510? Many of us know at least one person whose religiously dedicated to winning the almighty jackpot–even if they’re aware of the extremely slim odds.

Check out our list of the 10 most unlucky lottery winners whose millions tragically changed their lives forever. Seems to us like the old saying, “Money won’t make you happy”, should be changed to, “Winning the lotto won’t make you happy”.

(Excerpt) Read more at therichest.com ...


TOPICS: Business/Economy; Chit/Chat; Society
KEYWORDS: lottery; lotterywinners; moneymanagement
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The list is quite interesting. Not that most of us will face that problem, but the moral of the story seems to be: don't tell ANYONE you won, don't start spending it, calm down and think about it. No matter how much money you win (or inherited or got any other way), it is easier than you think to blow it, if you aren't managing it carefully, and you'll actually could end up worse off.

Of course I am sure there are many sensible people who manage it well, but these ten people listed really destroyed their own lives -- the article statement "unlucky lottery winners" is inaccurate -- they weren't unlucky, they were naïve at best.

1 posted on 01/26/2014 10:17:02 AM PST by Innovative
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To: Innovative

Ever examined the socio-economic demographics of most people who “invest” in lottery tickets? The explanation lies therein.


2 posted on 01/26/2014 10:19:59 AM PST by James C. Bennett (An Australian.)
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To: Innovative

3 posted on 01/26/2014 10:21:15 AM PST by Ghost of SVR4 (So many are so hopelessly dependent on the government that they will fight to protect it.)
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To: Innovative
Seems to us like the old saying, “Money won’t make you happy”, should be changed to, “Winning the lotto won’t make you happy”.

Or "Mo' Money, Mo' Problems."

4 posted on 01/26/2014 10:22:02 AM PST by dfwgator
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To: Innovative

I remember reading a long article about the decline and fall of a lottery winner from Florida. He was even featured on a TV show about lottery winners. He had purchased all sorts of statues and crap, including a bench with the Blues Brothers sitting on it.

He ended up in a rented storage unit strung out on drugs.


5 posted on 01/26/2014 10:23:45 AM PST by GeronL (Vote for Conservatives not for Republicans!)
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To: dfwgator

Well, I would gladly take the challenge.


6 posted on 01/26/2014 10:27:10 AM PST by Yorlik803 ( Church/Caboose in 2016)
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To: Innovative

I think the lottery claims the right to use you in commercials if you win, so it would be hard to hide your identity.


7 posted on 01/26/2014 10:27:50 AM PST by Still Thinking (Freedom is NOT a loophole!)
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To: Innovative

Interesting that very few Lottery winners chose to take their winnings in yearly payments.


8 posted on 01/26/2014 10:31:04 AM PST by Huskrrrr
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To: Still Thinking

That’s true of almost all places, but there are a few who allow anonymity. Wouldn’t trust anything going on in those places. Why wouldn’t Dem polls just split up jackpots for shady campaigns?


9 posted on 01/26/2014 10:31:57 AM PST by jjotto ("Ya could look it up!")
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To: Innovative

The first thing to do is contact a competent, trustworthy accountant.


10 posted on 01/26/2014 10:32:05 AM PST by Jeff Chandler (Obamacare: You can't make an omelette without breaking a few eggs.)
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To: Huskrrrr

Interesting observation.
I wonder if the money depends on the financial solvency of the state or are they “insured” by some financial organization like an annuity.


11 posted on 01/26/2014 10:33:29 AM PST by nascarnation (I'm hiring Jack Palladino to investigate Baraq's golf scores.)
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To: Jeff Chandler
The first thing to do is contact a competent, trustworthy accountant.

And the Second, a damn good lawyer

12 posted on 01/26/2014 10:34:16 AM PST by HangnJudge
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To: Yorlik803
Well, I would gladly take the challenge.

I would too! The lottery site tells you how to approach a big win. Set up your new life before you cash the ticket.

13 posted on 01/26/2014 10:35:54 AM PST by jetson
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To: Huskrrrr

I’d just take the lump sum and live off the interest.


14 posted on 01/26/2014 10:36:05 AM PST by dfwgator
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To: nascarnation

I believe the winnings are funded for annual payment models by purchase of annuity instruments, with the ‘single payment cash’ value set at the same as the cost of the annuity.


15 posted on 01/26/2014 10:37:37 AM PST by PubliusMM (RKBA; a matter of fact, not opinion. 01-20-2016; I pray we make it that long.)
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To: dfwgator

I would take the lump sum and a ticket out of California.


16 posted on 01/26/2014 10:38:03 AM PST by Lurkina.n.Learnin (This is not just stupid, we're talking Democrat stupid here.)
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To: HangnJudge

The way to tell if I won the lottery is if you hear people saying,”Where is Jeff these days?”


17 posted on 01/26/2014 10:39:29 AM PST by Jeff Chandler (Obamacare: You can't make an omelette without breaking a few eggs.)
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To: Innovative

“Money won’t make you happy”,


Yeah, but it’s nicer to be miserable in a Rolls Royce than in a Yugo.


18 posted on 01/26/2014 10:40:28 AM PST by Rides_A_Red_Horse (Why do you need a fire extinguisher when you can call the fire department?)
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To: Jeff Chandler

and lawyer (set up retirement trusts, keep the money grubbers away, etc)


19 posted on 01/26/2014 10:41:11 AM PST by taxcontrol
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To: Innovative

By being born, we hit a lottery with incredible odds.

By being born in a relatively free and prosperous society in these times, we hit with even higher odds.

For those of us who believe in eternal life with our Creator, well, the “prize” is something upon which no price can be placed.

I’d say that’s good enough for me.


20 posted on 01/26/2014 10:41:40 AM PST by Larry Lucido (If you like your all your base, you can keep your all your base. - CATS)
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To: Innovative

21 posted on 01/26/2014 10:41:57 AM PST by Jack Hydrazine (Pubbies = national collectivists; Dems = international collectivists; me = independent conservative)
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To: Innovative

The lottery is often referred to as a tax on the foolish. While this is not 100% true, it is true enough to be a saying. Why would we expect a good result when people who already make bad decisions are now able to make bad decisions with a whole bunch of zeros tacked on?


22 posted on 01/26/2014 10:44:40 AM PST by RightOnTheBorder
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To: Innovative

If you are irresponsible with your money before you win the lottery, you will be irresponsible after you win.

Anyone playing the lottery frequently could be judge as being irresponsible with their money. So it is not a surprise so many “winners” end up worse then they were before they won.


23 posted on 01/26/2014 10:44:54 AM PST by CIB-173RDABN (I do not doubt that our climate changes. I only doubt that anything man does has any effect.)
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To: Innovative

One does not have to tell anyone, the government will do it for you complete with pictures (except two states).


24 posted on 01/26/2014 10:45:02 AM PST by School of Rational Thought
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To: Jeff Chandler
The way to tell if I won the lottery is if you hear people saying,”Where is Jeff these days?”

Disappear, go Galt, let No One know where you are.
Protect your family by removing yourself from their temptation
Notify ALL that any request for money will be met with disinheritance.

It may be possible to reestablishing relationships, but it will require a long time

25 posted on 01/26/2014 10:48:01 AM PST by HangnJudge
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To: Huskrrrr

One must assume the lottery or bank holding the funds will remain viable to take the monthly payments. One crook in charge or bad luck bank and you could get little to nothing.

I think this is the main reason people take the lump sum payment because it’s guaranteed money.


26 posted on 01/26/2014 10:50:34 AM PST by volunbeer
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To: jjotto

Good point. I never thought of that possibility. Even in the must-disclose states, though, they could just hire an actor to play the “winner” if they wanted to steal the jackpot.


27 posted on 01/26/2014 10:55:17 AM PST by Still Thinking (Freedom is NOT a loophole!)
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To: Innovative

If you don’t know how to handle money before you get a windfall, you won’t know how to handle it after you get a windfall, either.


28 posted on 01/26/2014 10:55:52 AM PST by E. Pluribus Unum (The only way women can "have it all" is if men aren't allowed to have anything.)
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To: nascarnation
I wonder if the money depends on the financial solvency of the state or are they “insured” by some financial organization like an annuity.

The lottery purchases an annuity from an outside financial institution.

29 posted on 01/26/2014 10:57:28 AM PST by E. Pluribus Unum (The only way women can "have it all" is if men aren't allowed to have anything.)
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To: Huskrrrr

Considering the direction the dollar is going, that’s quite understandable. How would you feel having won a billion German Marks, payable over 20 years, about a century ago? What would once have made you wealthy beyond compare wouldn’t buy a sandwich much less than 20 years later.


30 posted on 01/26/2014 10:57:35 AM PST by coloradan (The US has become a banana republic, except without the bananas - or the republic.)
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To: Innovative

#4 on the list gave hers to Democrats

what a blithering idiot


31 posted on 01/26/2014 11:00:40 AM PST by GeronL (Vote for Conservatives not for Republicans!)
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To: Innovative

On the other hand, Hollywood Henderson blew through earned wealth, and seems to have made well on his second chance after winning the lottery.


32 posted on 01/26/2014 11:00:52 AM PST by Dr. Sivana ("We are not sluts."--Sandra Fluke)
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To: Huskrrrr

even those who do take yearly payments soon find themselves selling future payments to structured settlement companies for a lot less than cash value


33 posted on 01/26/2014 11:01:54 AM PST by GeronL (Vote for Conservatives not for Republicans!)
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To: Innovative

I’m pretty sure if I came into a lot of money I’d spend half of it on booze and broads. Then I’d just blow the rest.


34 posted on 01/26/2014 11:02:58 AM PST by Cyber Liberty (H.L. Mencken: "The urge to save humanity is almost always a false front for the urge to rule.")
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To: GeronL
from the UK Daily Mail, (2013?)
David Lee Edwards, 58, died Saturday in hospice care in his hometown of Ashland, Kentucky,
after blowing through $27million in five years...from what I'd heard, right up his nose, a druggie.

35 posted on 01/26/2014 11:03:52 AM PST by skinkinthegrass (The end move in politics is always to pick up a gun..0'Caligula / 0'Reid / 0'Pelosi)
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To: Innovative

Winning the lottery doesn’t change who you are, it magnifies it.


36 posted on 01/26/2014 11:06:50 AM PST by Yo-Yo (Is the /sarc tag really necessary?)
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To: skinkinthegrass

bump


37 posted on 01/26/2014 11:07:03 AM PST by GeronL (Vote for Conservatives not for Republicans!)
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To: Innovative
If people want to spend their money on Lotto tickets, or scratch-offs, well... it's their money.

I'd like to know the percentage of those who squander their winnings to those who win and quietly move on with their lives. Is it high or low? I ask because there are very few stories on those who won and successfully transitioned from where they were to millionaires. I wonder why?......

38 posted on 01/26/2014 11:13:23 AM PST by jeffc (The U.S. media are our enemy)
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To: Innovative

I just wanna have a chance to be so cursed!
After winning I would wear every good luck charmed imagined.


39 posted on 01/26/2014 11:22:36 AM PST by minnesota_bound
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To: jeffc
there are very few stories on those who won and successfully transitioned from where they were to millionaires. I wonder why?....

Your question intrigued me so I googled up the following link, which has 7 interesting success stories:

http://money.ca.msn.com/savings-debt/gallery/gallery.aspx?cp-documentid=23969513&page=1

40 posted on 01/26/2014 11:25:14 AM PST by DeFault User
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To: Innovative

Bump for later


41 posted on 01/26/2014 11:29:19 AM PST by painter ( Isaiah: “Woe to those who call evil good and good evil,")
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To: Innovative
I can't remember many of the particulars, but there was a guy who won the IL lottery. Something like $12 million. Then he moved to FL, and won the FL lottery for $6 million.

IIRC, he died recently broke, from an overdose.

Someone on FR could probably verify some other details.

5.56mm

42 posted on 01/26/2014 11:30:22 AM PST by M Kehoe
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To: Innovative

I met a college professor who had done research on how lottery winners were affected by their new found wealth. One interesting observation she shared was that the money winners often found themselves alienated from friends and even family who now saw them as primarily a source of money and free good times. She also told about a girl in her early twenties who was a large money winner. The girl was not particularly educated and grew up in very modest surroundings. After winning the girl became alienated from her friends who seemed to want to use her just for her money. However, while she used the money to move up in society, the girl said she never really felt she fit in and had a hard time establishing new relationships in a more affluent society.


43 posted on 01/26/2014 11:32:51 AM PST by The Great RJ
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To: Innovative

Money may not buy happiness, but it can sure make the down payment. I’d like to have the chance of losing a million dollars. Note to self - no drugs, no low life friends, no gambling, no prostitution and don’t leave half of it in the car.


44 posted on 01/26/2014 11:36:00 AM PST by bgill
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To: Innovative

Same story could be written about Sports stars and Media stars. Very few of them, mainly those who come from well-grounded families and friends, still have the millions that gilded their names in their glory days. Anybody care to guess when Ol’ Justin B will be wondering “What Happened?!?”

I particularly feel sorry for the bag-boy preacher who lost it in being generous to others. Having that amount of money must have seemed a real way of helping others but it seems everyone took advantage but also took no responsibility! Hmmm, sounds a bit like Uncle Sugar, doesn’t it!


45 posted on 01/26/2014 11:37:20 AM PST by SES1066 (Quality, Speed or Economical - Any 2 of 3 except in government - 1 at best but never #3!)
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To: volunbeer

Good point.


46 posted on 01/26/2014 11:38:15 AM PST by Huskrrrr
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To: bgill

“I don’t care about losing all the money. It’s losing all the stuff.”


47 posted on 01/26/2014 11:40:28 AM PST by dfwgator
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To: dfwgator

lol


48 posted on 01/26/2014 11:40:52 AM PST by GeronL (Vote for Conservatives not for Republicans!)
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To: Innovative
So easy.

Step 1- have lunch with lawyer and CPA to set up trusts.

Step 2- take lump sum and the trust takes posession, anonymously of course.

Step 3- pay off all immediate family debts:house, cars, loans, credit card, etc.

Step 4- tax free muni bonds bought from me! A million dollars after taxes, I can get approx. $80,000.00/yr tax free income, and you still have your $1mm at maturity. Don't put all eggs in 1 basket though. Bullets, food, gold and silver us a good place to park money.

after your family is financially safe, then you gift to family, friends, charity, etc.

49 posted on 01/26/2014 11:44:39 AM PST by DCBryan1 (No realli, moose bytes can be quite nasti!!)
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To: Huskrrrr

It can and has been done.


50 posted on 01/26/2014 11:46:29 AM PST by meatloaf (Impeach Obama. That's my New Year's resolution.)
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